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No change in interest rates expected


2010-02-01

In our view, one should not expect a change in interest rates in the months ahead. Among factors working against a tightening of monetary policy will be: a falling inflation rate, a modest pace of economic recovery, and the replacement of RPP members at the beginning of the year. A tightening cycle could start only in the second half of the year, when the positive trends in the economy become more entrenched and inflationary pressures reemerge. We forecast that at the end of 2010 the main reference rate will stand at 3.75%.



Paweł Sionko
Construction Market Analyst, PMR

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